GLOSSARY

FAIR MARKET VALUE

That price for which an item of property would be purchased by a willing buyer, and sold by a willing seller, both knowing all the facts and neither being under any compulsion to buy or sell.

FIDUCIARY

A person or organization that manages property for a person, with a legal responsibility involving a high standard of care (e.g., conservators, guardians, personal representatives, agents, or trustees).

FIDUCIARY DUTY

An obligation to act in the best interest of another party. For instance, a corporations board member has a fiduciary duty to the shareholders, a trustee has a fiduciary duty to the trusts beneficiaries, and an attorney has a fiduciary duty to a client.

FINDING

A determination of fact by a judicial officer or jury.

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